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John,
President Biden’s history-making budget released last week plainly shows whose side he’s on: working families struggling with the high cost of healthcare, childcare, housing and more—not the wealthy elite and their big corporations rolling in dough and dodging their fair share of taxes.
Biden’s budget would raise nearly $5 trillion in tax revenue over the next 10 years from the rich and corporations and use that money to preserve and expand vital public services. And, it reduces public debt by nearly $3 trillion.
Republicans have already made clear they’re on the side of the 1 Percenters and Big Corporations by trying to shield rich tax cheats and endangering Social Security and Medicare with deficit-busting tax cuts for the wealthy and corporations. The contrast couldn’t be sharper and we need to take this message to voters across the country so they understand whose side their members of Congress are standing with.
Read more about the president’s historic budget below, then click here to send a message to Congress to pass the Biden budget now.
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Biden’s Tax Fairness Highlights:
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Raise the corporate tax rate to 28% from 21%, which is still one-fifth lower than it was just six years ago. (Revenue raised: $1.3 trillion)
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Raise the foreign tax rate on US corporate profits to 21% from 10.5% and close tax loopholes that encourage corporations to shift jobs and profits offshore. ($1 trillion-plus)
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Raise and expand the Net Investment Income Tax (NIIT) and the Self-Employed Contributions Act (SECA) tax so that business owners making more than $400,000 pay a fairer share. ($650 billion)
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Establish a Billionaire Minimum Income Tax to ensure those worth over $100 million pay at least a 25% tax rate when all their income is counted, including the growth in their wealth. ($435 billion)
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Increase the tax on corporate stock buybacks from 1% to 4% to raise more revenue and curb this wasteful practice of further enriching wealthy CEOs and shareholders. ($238 billion)
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Restore the 39.6% tax rate on the highest incomes that was in effect as recently as the Obama administration. ($235 billion)
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Raise the top capital gains tax rate of 20% to 39.6% for those making over $1 million a year, making it equal with the top rate on wages. ($214 billion)
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President Biden has demonstrated that by making the wealthy and corporations pay their fair share, we can invest in working families in every corner of the country. Take a look below at just some of the investment highlights.
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Biden Investment Highlights:
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Provide free pre-K for all 4 million four-year olds and expanded child care for 16 million children. ($600 billion)
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Extend Affordable Care Act subsidies averaging $800 a year to help people afford insurance and expand Medicaid-like coverage to 14 states that have not adopted ACA Medicaid expansion. ($383 billion)
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Use the NIIT and SECA revenue to extend the Medicare trust fund for an additional 25 years to ensure seniors have full benefits. ($650 billion-plus)
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Fund the expanded Child Tax Credit through 2025 and make the credit available to low-income families whether they pay taxes or not. ($429 billion)
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Establish a national paid family and medical leave program that provides workers with up to 2 weeks of leave. ($325 billion)
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Provide free tuition to community college, expand Pell grants to lower the cost of all types of college and support HBCUs. ($217 billion)
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Improve and expand Medicaid home and community-based services for older Americans and disabled people. ($150 billion)
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Increase affordable housing supply and expand access to homeownership and affordable rent. ($105 billion)
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At a time when Congressional Republicans are holding the U.S. economy hostage and demanding cuts to vital programs and services in exchange for allowing the U.S. to pay what it already owes, President Biden has demonstrated the responsible approach to governing. He invests in working families and reduces our public debt by making the wealthy and corporations pay their fair share.
Click here to send a message to your senators and representative and urge them to pass the Biden budget, which invests in our future, paid for by a fair tax system that makes the wealthy and corporations pay a little more in taxes.
A budget is a moral document and our morals put us on the side of working people and the aging, not the wealthy and greedy corporations.
Thank you,
Frank Clemente
Executive Director
Americans for Tax Fairness Action Fund
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